The Second AP Fund (AP2) is reducing its financial risk in power utilities, whose profits derive primarily from the carbon-based generation of electricity. Consequently, the Fund will not retain holdings in 28 power utilities. These combined holdings have a total market worth of some SEK 670 million.

The Second AP Fund’s climate-risk assessment of the power sector derives from its commitment to address ethical and environmental concerns without compromising the overall target of a high return on invested assets. This assessment is therefore based on a financial perspective, a consequence being that the Fund has decided it will not invest in 28 power utilities, whose profits derive primarily from the carbon-based generation of electricity.

This is the second climate-risk assessment conducted by the Fund. The first such assessment, concerning fossil-fuel companies, was conducted in 2014. This led the Fund to divest holdings in 12 coal producers as well as 8 oil and gas companies.

“The decision involves disinvestment from approximately a quarter of all electricity generating companies, reducing the Fund’s exposure to financial risk in the power sector. Our potential for generating value over the long term is greater if we invest in other companies instead,” states Eva Halvarsson, CEO of the Second AP Fund.

The power utilities identified derive a significant percentage of their profits from the carbon-based generation of electricity and lack a convincing strategy for diminishing their climate impact.

The Fund has holdings amounting to some SEK 670 million in the companies that have been identified.

The process of assessing the climate risks posed by the Fund’s holdings will continue over the coming years. In the next phase, the intention is to conduct an overall assessment of the portfolio, involving a number of different climate scenarios, to increase the understanding of how the Second AP Fund’s investments are affected.

For further details, please contact the Second AP Fund’s CEO, Eva Halvarsson or Ulrika Danielson, Head of Communications, at +46 (0) 31 704 29 00.

The Second AP Fund’s CEO Eva Halvarsson, will during World Climate Summit in Paris December 6th to take part in the panel Carbon Tracker Energy Plenary Session “A roadmap for the energy transition: challenges and solutions”.

Read more at: www.carbontracker.org/news/a-roadmap-for-the-energy-transition-challenges-solutions

This article was published in Dagens Nyheter 23 October.

“Ill-defined and bureaucratic. The proposal concerning new regulations for governing the activities of the Swedish National Pension (AP) Funds features several changes for the worse. It increases the risk of short-term politically-motivated micromanagement and puts an end to long-term investment in sectors such as real estate and infrastructure. In all probability, it will result in lower pensions,” write the chairs and CEOs of Sweden’s AP funds.

The four large funds of the Swedish state income pension system, the First, Second, Third and Fourth AP Funds, have been operating for 15 years now. In 2001, the funds were commissioned to manage capital of just over SEK 550 billion. This now amounts to around SEK 1,200 billion. And a total of over SEK 50 billion has been disbursed to the Swedish pension system during this period. These solid results have contributed to the AP Funds now accounting for 14 per cent of total pension assets, compared with 10 per cent when they were first established. That’s over SEK 350 billion more than expected when the system was set up 15 years ago. International comparisons also show that the AP Funds compare well with other pension funds, both in terms of returns and low costs, as the Swedish government’s own evaluation found.

The current legislation has worked well, both with regard to results and confidence in the AP Funds. The fundamental principles of the existing AP Funds Act are to promote high returns at low risk, to ensure the independence of the Funds and to provide the conditions for long-term investments that incorporate environmental and ethical considerations. This is achieved today through clear and simple governance which, without detailed regulation, aims to generate the greatest possible benefit for the pension system.
We are now raising major concerns about the future of the Swedish pension system because the proposed ‘New Rules for the AP Funds’ will make the system worse in a number of respects. We see significant risks in the proposal and it is our duty to highlight these for those who depend on the returns generated by the AP Funds – namely, current and future pensioners.

The proposal is a compromise based on a previous compromise and has weaknesses in numerous key areas.

• Neither the new National Pension Fund Board (that is proposed to oversee important issues) or the AP Funds are guaranteed sufficient independence from government.
• The AP Funds’ ability to invest will be restricted compared with the present as they would be governed by a reference portfolio and a cost cap determined by a National Pension Fund Board and the government, respectively.
• The AP Funds’ boards will not be granted sufficient authority to take operational decisions because, under the proposed legislation, the management of unlisted assets and large parts of their administration will be coordinated. This proposal neither promotes risk diversification or efficiency, nor does it provide any economies of scale.

Furthermore, the proposal is incomplete as it lacks two key elements – an impact analysis and a calculation of what these proposed extensive reforms will cost. We wish to highlight a number of consequences that are not mentioned in the proposal:
The proposal is highly likely to lead to lower pensions. If the proposal is implemented, the remaining AP Funds will have little opportunity to generate higher returns as the AP Funds have done until now by making long-term investments with sound risk diversification. There will be significantly less scope for conducting professional, strategic and proactive asset management and less opportunity to act as a responsible shareholder. The AP Funds will be completely disconnected from the overall goal of generating the greatest possible benefit for the pension system. The proposed reference portfolio will instead guide the AP Funds towards short-term low-yield index tracking and will lead to the selling-off of Swedish assets and the end of long-term investments in areas like property and infrastructure. Furthermore, there is a risk that greater bureaucracy and inefficient management will lead to less opportunity for the AP Funds to make profitable investments. In financial terms, this will involve significant losses for pensioners. The last eight years, the four AP funds jointly contributed to the pension system with SEK 20 billion in ‘active return’ only.

The proposal increases the risk of short-term political micromanagement. The AP Funds are currently only subject to Swedish parliamentary legislation to endeavour to achieve the highest possible return and to consider ethical and environmental issues without compromising returns. The proposed governance of the funds is unclear and bureaucratic. The proposals to establish a National Pension Fund Board and the ability for the government to have an influence will mean that power over the AP Funds will shift from parliament to the government and will present the prospect of short-term political micromanagement. The fact that the current government does not plan to make use of this ability has no bearing on what future governments may do. Pension capital should be managed on a long-term basis without political micromanagement.

The proposal will lead to high reorganisation costs. The proposal lacks a proper impact analysis, which makes it difficult to assess the implications of the reforms. The Funds have therefore asked an external party to calculate the risks and costs for the reorganisation involving the closure of certain AP Funds, the coordination of operations and the establishment of a new governance structure. During such a reorganisation, planned to start in 2016 and continue for almost two years, there is a risk that the AP Funds will lose their focus on long-term asset management which will have a negative effect on results. If this were to lead to even a 0.1 per cent decrease in returns this would still amount to some SEK 1,200 million. Other costs are also significant. Over the two years the reorganisation is estimated to cost several billion kronor. This contrasts with the only expected saving stated in the proposal of around SEK 50 million annually. It will be several generations before these costs are recouped.

Those of us who have been tasked with managing the AP Funds’ capital responsibly for the benefit of current and future pensioners, with the pension system facing significant challenges over the next 15 to 20 years, believe the proposed New Rules for the AP Funds will not lead to better pensions, quite the contrary. This proposal therefore cannot form the basis for a reform of the AP Funds.

Urban Karlström, Chairman of the First Swedish National Pension Fund (AP1)
Marie S. Arwidson, Chairman of the Second Swedish National Pension Fund (AP2)
Pär Nuder, Chairman of the Third Swedish National Pension Fund (AP3)
Monica Caneman, Chairman of the Fourth Swedish National Pension Fund (AP4)
Johan Magnusson, CEO of AP1
Eva Halvarsson, CEO of AP2
Kerstin Hessius, CEO of AP3
Mats Andersson, CEO of AP4

Integrating sustainability into asset management is about factoring sustainability issues into analytical and decision processes. This also enables the Fund to reduce risk and increase its potential for increased return. The Fund believes that companies focused on long-term sustainability will also generate a solid return in the long term.

Today, the Second AP Fund publishes its Sustainability & Corporate Governance Report for the period 2014/2015. Features include the Fund’s report on the implementation of the PRI, a report on the Farmland Principles, a selection of the Fund’s sustainability goals and a description of the Fund’s progress in implementing sustainability into the investment process.

“The Funds broad focus is on making sustainability integral to the asset management process. Our vision is that sustainability shall become integral to all of the Fund’s analytical and decision processes. Areas we shall especially focus on are: climate, corporate governance, diversity and transparency/reporting. The Fund possesses extensive expertise and experience in these, having been engaged in these issues for a considerable period of time,” states Eva Halvarsson, CEO of the Second AP Fund.

The Second AP Fund invests about SEK 11 billion in assets/funds that pursue a business strategy based mainly on sustainability.

Climate issues – and climate change in particular – present enormous risks, as well as opportunities, for long-term investors like the Second AP Fund. Climate change is expected to have a major impact on long-term investment. The Second AP Fund is engaged in an ongoing project of fossil energy and financially-related climate risks and, during the year, among other things, this has resulted in a decision to no longer invest in 20 energy companies. During spring, the Fund was ranked eleventh in the world among investors according how well they manage climate risk in the portfolio.

“In-house efforts continue concerning the analysis, from a financial perspective, of the carbon-emission risks associated with our portfolio. This year’s agenda features an analysis of power-generating companies. During 2015, the Fund has actively lobbied investors to standardize the way the carbon footprint is measured,” says Eva Halvarsson.

See the Second AP Fund Sustainability & Corporate Governance Report, www.ap2.se.

For further details, please contact Eva Halvarsson, CEO of the Second Swedish National Pension Fund, on +46 31-704 29 00, or Ulrika Danielson, Head of Corporate Communications, on +46 31 704 29 29.

The Second AP Fund (AP2) posted a total return of 5.2 percent, excluding costs, for the first half of 2015. Relative to benchmark index, return was 0.2 percent, excluding alternative investments and costs. Fund capital increased by SEK 12.6 billion to SEK 306.5 billion by June 30 2015.

• The Second AP Fund’s assets under management totalled SEK 306.5 (280.3) billion on June 30 2015, against which net outflows to the national pension system were charged in an amount of SEK -2.4 (-2.5) billion.
• The Fund posted a first-half net result of SEK 15.0 (18.1) billion.
• The Fund’s return on the total portfolio was 5.2 (7.0) percent, excluding commission costs and operating expenses. Including these costs, the portfolio generated a return of 5.1 (6.9) percent.
• The relative return on the portfolio of quoted assets, excluding alternative investments and costs, amounted to 0.2 (0.1) percent, corresponding to a net contribution of SEK 0.5 billion.
• Operating expenses in terms of asset management costs continued to be low, remaining unchanged at 0.07 (0.07) percent for the period.
• Over the past ten years, the Fund has generated a return on invested assets of 96.6 percent (excluding costs), corresponding to an average annual return of 7.0 percent. Less inflation, this is equivalent to an annual real return of 5.8 percent.
• Since its inception in 2001, the Fund has generated an overall return of SEK 178.7 billion, corresponding to an average annual return of 5.7 percent, including costs.
• The Fund’s level of currency exposure was 30 (25) percent.

“In the past ten years, the Fund has generated a total return of SEK 155 billion on investment. This is equivalent to an average annual return of 7.0 percent. Less inflation, this corresponds to an annual real return of 5.8 percent, exceeding our targeted long-term return by a considerable margin. Our fund capital totalled SEK 306.5 billion, a new record” states Eva Halvarsson, CEO of the Second Swedish National Pension Fund.

“During the first half of the year, we have maintained our strategy of managing an ever greater share of Fund capital in-house, by taking responsibility for the management of global credits. Increasing the percentage of assets managed in-house is cost efficient, while also enabling more effective operational control. This in turn contributes to developing the operation, as well as the net result,” states Eva Halvarsson.

Events after close of report period
• Following the close of the report period, the financial markets have experienced some turbulence. This derives mainly from anxiety over prospects for growth especially in China and the potential impact on the global economy. So far, these factors have occasioned no changes in the Fund’s portfolios. The Fund’s long-term strategy, based on a well-diversified portfolio, remains unchanged.
• AP2 has together with American pension fund TIAA-CREF and AP1 reached an agreement concerning the formation of a new joint company. The company will act as a platform for investment in European office properties. The properties owned by Cityhold Property AB – a real-estate company which we formed with AP1 in 2011 – and TIAA-CREF’s European portfolio of commercial real estate in THRE will be combined to form the joint company, Cityhold Office Partnership. The joint market value of these two real-estate portfolios currently totals more than EUR 2 billion.

The complete half-year report (pdf)

A Sustainability Report will be published separately in October.

For further details, please contact CEO Eva Halvarsson, Second Swedish National Pension Fund, or Ulrika Danielson, Head of Corporate Communications, on +46 31 704 29 00.

The First (AP1) and Second Swedish National Pension Fund (AP2) together with TIAA-CREF, a leading financial services provider, have agreed to combine forces in a new joint venture to create a leading, pan-European office investment platform committed to building €4bn+ office portfolio. TH Real Estate, have established the platform for the joint venture and will manage the vehicle on the investors’ behalf, providing investment and asset management services.

The joint venture will be seeded with existing properties owned by the TIAA General Account and AP1 and AP2’s properties in Cityhold Property AB, creating an initial platform valued at €2.2bn comprised of 258,000 sq m of core office space across the UK, France & Germany. With 15 assets (9 contributed from the TIAA General Account and 6 from AP1 & AP2), the current portfolio includes landmark assets such as 12-14 New Fetter Lane and One Kingdom Street in London, Tour Areva in Paris, and Atlantic Haus in Hamburg.

The venture will commence an active investment programme with new capital from the TIAA General Account, AP1 and AP2 targeting an additional c. €2bn of investment over the next 3 years. It will primarily target ‘core’ investments in Tier 1 cities such as London, Paris, Munich, Hamburg, Frankfurt and Berlin. Additionally, the investment programme will invest in ‘value-add’ opportunities such as leasing, renovation and development opportunities in Tier 1 cites, or stabilised core investments within Tier 2 cities that include Madrid and Milan, among other cities.

The newly formed investment vehicle, to be named ‘Cityhold Office Partnership’, will target a loan-to-value ratio of 50%. TIAA-CREF will hold a 50% interest in the vehicle and each AP fund will hold 25%. The joint venture extends the long-term investing partnership between TIAA-CREF and AP2, which has been co-investing with TIAA-CREF since 2012 in various real asset strategies including TIAA-CREF’s timberland strategy and investing in farmland in the United States, Australia and Brazil.

The transaction is expected to close in September.

Johan Magnusson, CEO of AP1, said: “We are excited to merge the existing Cityhold properties with those owned by TIAA-CREF, while also making a commitment to make further investments in the coming years. The greater capital base provides the vehicle with better opportunities to make good long-term investments in commercial properties in a number of selected large European cities.”

Eva Halvarsson, CEO AP2 said: “In 2011, in partnership with AP1, we established Cityhold Property AB with a view to investing in real estate in the major European cities. Now that Cityhold’s property portfolio is being merged with TIAA-CREF’s European portfolio of commercial real estate, we have successfully enhanced and diversified the portfolio of European real estate, in line with the strategy originally outlined for the company. Moreover, with TH Real Estate, we gain an operating partner of considerable expertise, especially with regard to local markets.”

Phil McAndrews, Senior Managing Director and Chief Investment Officer of TIAA-CREF Global Real Estate said: “Our investing partnership with AP1 and AP2, like-minded investors who share our long-term investing horizon and focus on high quality assets, enables us to further diversify TIAA’s existing European office portfolio across asset, tenant and market exposures while establishing a broader platform to expand our European investments.”

Johan Åström, Head of Investment, Sweden, TH Real Estate, said: “We are delighted to have been entrusted to establish this European platform for TIAA-CREF’s and the First and Second AP Fund’s co-ownership of commercial real estate. The platform brings together market-leading investment competence and local property expertise in a joint view on value creation. We look forward to managing, supporting and developing the platform in the years to come.”

Jasper Gilbey, Director at TH Real Estate and lead adviser of the investment vehicle, said: “Our strategy will be to target core office opportunities across Europe with a focus on low risk, liquid markets such as London, Paris, Hamburg, Munich, Berlin and Frankfurt. While the venture will focus on core opportunities, it will also consider value-add opportunities within these core Tier 1 markets, as well as stabilised opportunities in other key European cities, as a means of boosting performance and generating attractive risk adjusted returns. In addition to liquidity and diversity, the target markets have been selected on the basis of their long run structural trends, such as demographics, technology and sustainability, which we expect to drive strong growth prospects and result in enhanced investment performance in the long-term”

For further details contact:
AP1 Ossian Ekdahl, Head of Communications, +46 8-566 20 209, or +46 709-681 209 Oskar Backman, Portfolio manager, +46 709-68 12 53

AP2 Ulrika Danielson, Head of Communications, +46 31-704 29 29, or +46 709-50 16 13 Helena Olin, Head of Real Assets, +46 31-704 29 00

TH Real Estate Helena Winje, Press Contact, +46 8-58 80 95 00, or +46 70-204 94 85

About TIAA-CREF: TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $869 billion in total assets under management (as of 6/30/2015) and is the leading provider of retirement services in the academic, research, medical and cultural fields

About TIAA-CREF Asset Management: TIAA-CREF Asset Management (https://www.tiaa-cref.org/public/assetmanagement) is a global investment manager, registered investment advisor and wholly-owned subsidiary of TIAA-CREF that provides investment advice and portfolio management services to individual investors, intermediaries and institutional clients, including the TIAA General Account. Its strategies cover a wide array of asset classes, including equities, fixed income, real estate and alternative investments.

About AP1: Första AP-fonden (AP1) is one of five AP funds in the Swedish national income pension system. The capital reserves in the AP funds ensure that pension benefits can be paid even when disbursements from the pension system exceed contributions into it. Första AP-fonden has assets under management of approximately SEK 300 billion in a global portfolio comprising equities, fixed income securities, real estate, private equity funds and hedge funds. Första AP-fonden invests to achieve high and long-term sustainable return. More information about Första AP-fonden at www.ap1.se

About AP2: The Second AP Fund (AP2) is one of northern Europe’s largest pension funds, managing assets totaling more than SEK 300 billion of Sweden’s national pension assets, which are invested worldwide. The Fund is tasked with generating a solid return on investment, while implementing a consistent policy of responsible and sustainable investment. www.ap2.se

About TH Real Estate: TH Real Estate is an established investment management company, specialising in real estate equity and debt investment worldwide. As one of the largest real estate managers in the world, TH Real Estate has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and multifamily residential sectors, TH Real Estate emphasises sustainable practices to protect assets and maximise their value.

The company is owned by TIAA-CREF, a US financial services and Fortune 100 company, with €791bn assets under management*. Launched in April 2014, TH Real Estate has a dedicated global presence with offices across America, Asia and Europe, representing c.€25.6bn* of real estate assets across c.50 funds and mandates. Together with TIAA-CREF’s US real estate assets, the global real estate platform of €78bn* represents one of the largest real estate investment management enterprises in the world.

Its products are managed by specialist teams, which apply their own experience to the management and style of their portfolios. Each team is supported by an experienced senior management team and integrated investment platform, including finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research. www.threalestate.com

* Figures as at 30 June 2015.

The Second (AP2) and Third Swedish National Pension Fund (AP3) has jointly performed a procurement of Global Custody Services during 2014 and 2015 and have now decided to award the contract as Global Custodian to Northern Trust for each of the funds.

By conducting a joint procurement AP2 and AP3 could streamline the process by, among other things, sharing experience on operational processes. Further the cooperation created a good position for the funds in respect of negotiations with participants in the procurement.

The procurement was started jointly with an option for the funds to select different global custodians, as various custodian banks can suit the respective Funds’ investment processes better. After completion of the procurement the evaluation of candidates identified one candidate as the most suitable provider of global custodial services for both Funds and as such both Funds has appointed Northern Trust as custodian bank.

The decision means that AP2 will be replacing its current provider while AP3 will be re-appointing Northern Trust.

-We are very pleased with this joint procurement. It has been a valuable exchange of experiences and led to a cost-effective process. It has also showed that the funds already have a very good cooperation on key issues, says Mattias Bylund, CRO at AP3.

Ola Eriksson, Head of Business Support at AP2 agrees in this
– AP2 and AP3 has had a very good cooperation and we are delighted that our vision with the cooperation was fulfilled throughout the process. Cost-effectiveness and price pressure were the two main factors, but the exchange of knowledge was also very positive

– We are delighted to be appointed by Andra AP-fonden and extend our 15-year relationship with Tredje AP-fonden, said Wilson Leech, head of Northern Trust in Europe, Middle East and Africa. – By combining our on the ground presence with our scale as a global custodian we are well positioned to support the needs of the AP funds and look forward to continuing to work with them.

For more information please contact:
Mattias Bylund, CRO and Head of Business Support & Control, AP3, +46 (0)8-555 17 100 or mattias.bylund@ap3.se
Lil Larås Lindgren, Head of Communications, AP3, +46 (0)8-555 17 100 or Lil.Lindgren@ap3.se
Ola Eriksson, Head of Business Support, AP2, +46 (0)31-704 29 21 or ola.eriksson@ap2.se
Ulrika Danielson, Head of Communication & HR, AP2, +46 (0)31-704 29 00 or ulrika.danielson@ap2.se
Camilla Greene, Media Contact: Europe, Middle East, Africa & Asia-Pacific, Northern Trust, +44 (0) 207 982 2176, Camilla_Greene@ntrs.com

Second Swedish National Pension Fund
The Second Swedish National Pension Fund (AP2) is one of five buffer funds – known as AP funds – within the Swedish pension system. Together, the five funds hold around 13% of Sweden’s income pension system assets. AP2’s fund capital totaled SEK 293,907 million at 31 December 2014. The Fund paid SEK 5,120 to the Swedish Pensions Agency during the year to cover the deficit between pension contributions and liabilities. See www.ap2.se for further information.

Third Swedish National Pension Fund
The Third Swedish National Pension Fund (AP3) is one of five buffer funds – known as AP funds – within the Swedish pension system. Together, the five funds hold around 13% of Sweden’s income pension system assets. AP3’s fund capital totaled SEK 288,332 million at 31 December 2014. The Fund paid SEK 5,120 to the Swedish Pensions Agency during the year to cover the deficit between pension contributions and liabilities. See www.ap3.se for further information.

Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2015, Northern Trust had assets under custody of US$6.1 trillion, and assets under management of US$960.1 billion. For 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit www.northerntrust.com or follow us on Twitter @NorthernTrust.

Voted by investors in the Nordic region AP2 received price for best innovative thinking and sound investment approach in fixed income investing at the Institutional Investor Nordic roundtable in Stockholm June 2.

The Second AP Fund’s 2015 Female Representation Index (Female Index) reveals that the percentage of women on the boards of companies quoted on the Stockholm Stock Exchange continues to rise, currently amounting to 27.9 percent compared to 24.7 percent for the preceding year. This is the second largest increase since records began. The proportion of women on executive managements has also noted a steady increase, rising to 19.5 (18.4) percent for the year.

“It is very pleasing to witness the greatest increase since 2004 in the percentage of women serving on corporate boards. It demonstrates that stakeholders and nomination committees have exerted greater responsibility. There is still much to do, but I am convinced that this issue has now attracted the attention necessary for accelerating future development in this area and to ensure better utilization of the competence available,” states Eva Halvarsson, CEO of the Second Swedish National Pension Fund/AP2.

The proportion of female directors on the boards of companies with a primary listing on the Stockholm Stock Exchange is now 29.1 (25.5) percent. The proportion of women on the executive managements of these companies is 19.8 (18.9) percent.

The proportion of female directors on the boards of all listed companies, excluding CEOs, totals 29.5 percent, while the figure for primary listed companies is 30.7 percent.

If the pace of change noted over the past decade continues, it will be another 27 years before women fill 50 percent of the seats on corporate boards. The corresponding forecast for achieving 50 percent representation on executive managements is no less than 44 years.

“This year, we have also tried to determine a link between the average age of boards and executive managements and the proportion of women represented on them. Where boards are concerned, the average age does not appear to have any notable effect on the percentage of female directors. Conversely, we can see a rise in female representation on executive managements as the average age of these managements declines,” says Eva Halvarsson.

The 2015 survey reveals that the large-cap companies have achieved the greatest overall increase in female representation at board and executive management level, at 31.5 and 21.2 percent respectively. Mid-cap companies account for the most significant rise in the percentage of female directors on corporate boards, compared with the preceding year, posting an increase of 5.2 percent to 29.8 percent.

This year’s Female Index has revealed something of a shift in the position of the different industrial sectors, compared with previous figures. The Financial Services and Consumer sectors boast the highest number of women on their boards, while the highest percentage of women on executive managements are found in the Media and Financial Services sectors. The Media sector currently distinguishes itself for having the lowest percentage of female board members. The Commodities sector, which has traditionally featured the lowest proportion of women, both in terms of boards and executive managements, has increased female representation on boards to 18.2 (13.6) percent and on executive managements to 14.9 (13.8) percent.

Background to the AP2 Female Index
Since 2003, AP2 has conducted an annual survey together with Nordic Investor Services to measure the number of women in middle management roles, in company management positions and on the boards of companies listed on the stock exchange. The 2015 survey comprised 268 primary and standard-listed companies on the Stockholm Stock Exchange. In addition, the number of women graduating from degree programmes that have traditionally served as a basis for recruitment to company management and boards has also been measured.

For further information, please contact:
Eva Halvarsson, CEO AP2, +46 (0)31 704 29 00
Ulrika Danielson, Communications Manager, +46 (0)709 50 16 13

The figures refer exclusively to companies quoted on the OMX Stockholm Stock Exchange, unless otherwise stated.